Introduction
This business plan covers a business named “Attaway Investments Tax Preparations”; involvedin tax preparations, income tax returns . The company’s objective is to produce a variety of tax preparation softwares and online services. The US laws are very strict and complicated, so the taxpayers need to seek help from outside . In short, this company is providing the solution for the filing of tax returns to the customers.
Description of Business
This is a unique business as it involves the tax preparation softwares and the income tax returns for individuals and small businesses.It offers a wide variety of products including various tax preparation softwares and the E-filing of tax returns , to meet the needs of the customers.
Products/ Services
The products include; tax preparation softwares , E-filing returns and the tax preparations courses for the small businesses of the US. The products are as follows;
1.E-filing of Tax returns
2.Preparation of income tax returns
3.Tax preparation courses
4.Written Guarantees
5.Cash in a flash
Competitive Environment of the Product
There are a number of competitors for this tax preparation business in the US. The competitors are 3 which includes; Jackson Hewitt, H& R Block and Liberty Tax company. All these competitors have the significant share of the market and are involved in the business for some time. They also produce premium quality tax preparation reports and various E-filing tax return products.
Finance Model
The finance department is responsible for the financial reporting and resourcing of the company. The function is to keep a record of all the purchases, sales, finances and the costs. The finance department keep track of the money coming and going out of the business. The financial transactions are to be recorded by the finance manager and he has to communicate the financial information and performance to the team. He also need to involve in the banking activities and communication. He is also involved in preparing of the reports and also preparation of the corporation tax.
Marketing plan
The marketing plan involves the identification of the target market and finding new opportunities to expand the market. The core activities involve the advertising of the company and the public relations. The market plan involves the research and the observation of the customers to help maintain the satisfaction of the customers. The significant influences of the market involves the low income group and the small businesses. The Small entrepreneurs are mostly involved in the preparation of tax reports and have hurdles in the preparation. The significant portion of market is of low income individuals. As the technology changes, the demand forinnovative filing returns and electronic preparation of reports have expanded. The core target market is of the sole proprietors and the low income individuals having small businesses.
Operations Brief
The operations department, being the core of business is involved in the monitoring of the ERP system . The production of the tax reports is done by a skilled person specializing in the taxation laws and the filing of returns. Theperson is also expert in the audit and the softwares to prepare reports of exceptional quality.
Human Resources
The company includes a team of 6 dedicated staff to help the company grow into a successful business. One individual is placed in each of the department like finance, marketing , advertising and reporting. The team is led by the managing director , who is responsible for managing the whole company. He needs to show utmost dedication and leadership skills to encourage teamwork.
Financial projection
The financial forecast is also done by the finance director. He is involved in the preparation of the income statement, balance sheet and cash flow statements. In the start, the business will run slow , because the company needs to capture customers and develop the market. The marketing team is involved in catering to the needs of the target markets and also to develop the market. There are only few expenses initially. These includes petrol expenses , equipment , office premises cost and the acquisition of assets. The business have enough working capital to survive because the cost is quite low. The business is totally equity financed and no debt obligations. The business require a capital of almost 45,000 $ to start. The first month the business will try to achieve the breakeven. The 2ndmonth the company needs to acquire the various licenses. So , in the 3rdmonth the company will start generating income. The expenses include the licenses purchases, the software ERP implementation and the acquisition of PCs and the office premises. The whole investment will cost around $ 45,000. The company will generate a revenue of 50,000 $ per month with a forecast of 10% increase in sale each month because of the expansion of the target market. The table shows the financial projections for the three years.
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